PANews reported on February 1st that CryptoQuant CEO Ki Young Ju stated on the X platform that Bitcoin's price continues to fall due to persistent selling pressure and a lack of new capital inflows. Stagnant market capitalization indicates a lack of new funds entering the market. In this situation, a decline in market capitalization does not necessarily indicate a bull market.
Early holders hold a significant amount of unrealized gains due to purchases of ETFs and MSTR. They began taking profits early last year, but strong inflows kept Bitcoin's price around $100,000. These inflows have now dried up. MSTR was the primary driver of this rally. Unless Saylor significantly sells off his Bitcoin holdings, we won't see a 70% drop as seen in previous cycles. Selling pressure continues, so a bottom hasn't yet appeared, but this bear market is likely to result in a wide range of sideways consolidation.

New snake oil? Etsy witches are hawking spells they claim can change the weather on your wedding day, help you with your love life, or fatten your crypto portfolio. Etsy witches have become a massive trend on social media this year — from romance spells to helping manifest fame. Did you know they can also apparently help you become a crypto millionaire? The practice of witchcraft, once punishable by death by fire (or being pushed off a cliff), has become a talking point on TikTok. Online marketplace Etsy, which allows people to sell their handmade beanies and custom dog collars, has become a hub for the spellcasters despite having a ban on “metaphysical services.” Read more

